A wedding cake. That’s one way to describe the architectural style of 120 Wall Street. This skyscraper stands in New York City’s Financial District. It is a testament to the city’s architectural evolution.
120 Wall Street is more than just a building. It’s a piece of New York’s history. Completed in 1930, this 34-story tower reaches a height of 399 feet. Ely Jacques Kahn of Buchman & Kahn designed it.
Notice the tiered design. It’s a classic example of the wedding-cake style. This style became popular after the 1916 Zoning Resolution. The setbacks create a unique visual appeal. They recede in shallow formations from a large 16-story platform.
Take a closer look at the base. Red-granite panels frame the wide windows at street level. This contrasts nicely with the five-story limestone base.
In 1928, the Greenmal Holding Corporation acquired this site. Henry Greenberg and David Malzman led the company. They secured a $4,050,000 construction loan in February 1929. The estimated cost was $12,000,000. The foundation rests on 51 caissons deep in the ground.
120 Wall Street officially opened in March 1930. The American Sugar Refining Company was the original anchor tenant.
During the Great Depression, New York Life Insurance Company foreclosed on the building in 1933. They bid $1,000,000 to cover a $5,569,605 lien.
For many years, 120 Wall Street stood as the only major high-rise on the East River waterfront. That was until the construction boom after the 1970s.
Silverstein Properties acquired 120 Wall Street in 1980 for $12 million. In 1992, it gained designation as New York City’s only Association Center. This provides reduced rents for not-for-profit organizations.
Today, 120 Wall Street houses various organizations. These include The New Press and the National Urban League. You will also find the Lucis Trust & World Goodwill here.
In October 2020, Wells Fargo, JP Morgan Chase, and Citigroup provided a $165 million mortgage loan for 120 Wall Street.
120 Wall Street has 615,000 square feet of space. It occupies a 23,000-square-foot lot. Its architecture makes it a landmark. Its history makes it a significant part of New York City.